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Information has been obtained from sources believed to be reliable, but Yengst Associates does not warrant its completeness or accuracy. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. Any form of reproduction, copying or distribution of this material is strictly prohibited without prior written consent from Yengst Associates. International copyright laws protect all materials published by Yengst Associates. All rights reserved 2015.
CONSTRUCTION EQUIPMENT
MARKETS IN BRAZIL
NOVEMBER 2015
Yengst Associates, Inc. 35 Old Ridgefield Road
Wilton, CT 06897
Telephone +1 203 762 8096
Website: www.yengstassociates.com E‐mail: [email protected]
THE CONSTRUCTION EQUIPMENT INDUSTRY | BRAZIL 2015 INTRODUCTION .......................................................................................................................... 1 GENERAL INFORMATION ........................................................................................................... 2 THE BRAZILIAN ECONOMY ......................................................................................................... 3 MACHINERY MARKETS OVERVIEW ............................................................................................ 8
BACKHOE LOADERS | RETROESCAVADEIRAS ......................................................................................... 9 CRAWLER DOZERS | TRATORES DE ESTEIRAS ....................................................................................... 14 WHEEL LOADERS | CARREGADEIRAS DE RODAS .................................................................................. 19 SKID STEER LOADERS | MINI‐CARREGADEIRAS .................................................................................... 25 HYDRAULIC EXCAVATORS | ESCAVADEIRAS HYDRAULICAS ................................................................. 29
CRAWLER EXCAVATORS ................................................................................................................... 29 WHEELED EXCAVATORS ................................................................................................................... 35 MINI‐EXCAVATORS | MINI‐ESCAVADEIRAS ..................................................................................... 38
MOTOR GRADERS | MOTONIVELADORAS ........................................................................................... 41 ARTICULATED HAULERS | CAMINHOES ARTICULADOS ........................................................................ 46 RIGID HAULERS | CAMINHOES FORA DE ESTRADA ............................................................................. 49 COMPACTORS | COMPACTADORES ..................................................................................................... 54 ASPHALT PAVERS | PAVIMENTADORA DE ASFALTO ............................................................................ 59 AERIAL WORK PLATFORMS | PLATAFORMAS AÉREAS ......................................................................... 63 TELEHANDLERS | MANIPULADORES TELESCÓPICOS ............................................................................ 68 CRAWLER LOADERS | CARREGADEIRAS DE ESTEIRAS ......................................................................... 71 AGRICULTURAL TRACTORS | TRACTORES DE RODAS ........................................................................... 71 HARVESTING COMBINES | COLHEITADEIRAS ....................................................................................... 77
MANUFACTURER PROFILES ..................................................................................................... 81 AGCO Corporation ................................................................................................................................ 81 CNH GLOBAL N.V .................................................................................................................................. 82 CATERPILLAR, INC. ................................................................................................................................ 83 KOMATSU LIMITED............................................................................................................................... 84 VOLVO CONSTRUCTION EQUIPMENT .................................................................................................. 85 DEERE & COMPANY .............................................................................................................................. 86 CIBER EQUIPEMENTOS ......................................................................................................................... 87 TEREX ................................................................................................................................................... 87 RANDON S.A. ........................................................................................................................................ 88 JCB ........................................................................................................................................................ 89 LIEBHERR BRASIL .................................................................................................................................. 90 DYNAPAC GROUP ................................................................................................................................. 91 AGRALE S.A. .......................................................................................................................................... 92 HYUNDAI HEAVY INDUSTRIES .............................................................................................................. 92 SANY DO BRASIL ................................................................................................................................... 93 DOOSAN INFRACORE ............................................................................................................................ 94 LIUGONG .............................................................................................................................................. 94 OTHER SUPPLIERS ................................................................................................................................ 96
PROTON PRIMUS ............................................................................................................................. 96 XCMG ............................................................................................................................................... 96 MANITOU ........................................................................................................................................ 96 SHANDONG CHANGLIN .................................................................................................................... 96 FOTON ............................................................................................................................................. 96 ZOOMLION ...................................................................................................................................... 96 SEM .................................................................................................................................................. 97 XGMA .............................................................................................................................................. 97 TIANGONG ....................................................................................................................................... 97 LONKING .......................................................................................................................................... 97 HAULOTTE ....................................................................................................................................... 97 LBX CORPORATION .......................................................................................................................... 97 YTO BRASIL ...................................................................................................................................... 97
THE RENTAL EQUIPMENT MARKET .......................................................................................... 98 FINANCING OF EQUIPMENT ................................................................................................... 101
FINAME FINANCING ........................................................................................................................... 101 IMPORT TAXES ................................................................................................................................... 102
MANUFACTURER CONTACT INFORMATION ......................................................................... 103
MULTI‐CLIENTCONSTRUCTIO
INTRODU
T STUDY ON EQUIPMENT
UCTION
MARKETS | BRA
YENGS
THE CO
This report industry in
Our analysmanufacturhave also eassociation This analysconstructioused in Braeach machhistorical coproduction,machines, population projections happening We focus oof constructhat are curFor each tyan overviewsales, prodWe also proand an estithe differenmanufacturfive-year fo The report
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AZIL 2015
ST ASSOCIATES ©
NSTRUCT
is the sixth eBrazil, updati
is draws uponrers and impoexamined varn representativ
sis focuses onn machinery
azil today. Anine type alongoverage of sa manufacturemarket shareassessmentsas to what win the years t
on the most sition machinerrently in operype of machinw of the produuction, and eovide market mate of the fi
nt types the mrers of each m
orecast of sale
consists of fiv
RAZILIAN EC
k at the key en, interest rate
TRUCTION M
ovide historicaof constructionby the OEMs (an market. Th, agricultural, coverage of A
2015 ALL RIGHTS
TION EQU
dition of our ang our last re
n data acquireorting supplierious economives, distributo
n the key products bein
n overview of g with
ales, ers offering e analysis, fiels and our we see to come.
gnificant typery products ration in Braz
ne, we provideuct, historical xport data. share analyseld populatio
machinery covmachine and les and produc
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economic indies, unemploy
MACHINERY
al sales and pn machinery. (Original Equhe types of mand material
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RESERVED. ALL CO
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assessment oeport from 201
ed through mrs in the Brazic indicators aors, and renta
ng
ld
es
zil. e
sis on of most of vered in the relist some of thction is also in
opics, includin
icators, such yment, and tra
MARKETS
production (by The sales anipment Manu
machinery covhandling situ
Platforms, and
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of the constru13.
many in-depth zilian heavy eqand have conal industry pe
eport. We alshe machines’ncluded.
ng:
as gross domade data for t
y unit) data fond production
ufacturers) thavered are useduations. In oud Telehandler
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RY IN BRA
uction equipm
interviews wquipment indu
nducted interversonnel.
so discuss the key specifica
mestic produche last five ye
or nearly 20 dn figures are bat are active id in construct
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This seImportecostly a
Brazil, with in South Amnations. Thpolitical and Area: 8,515almost the PopulationCapital: BrGovernmeand GovernNext ElectAdministraIndependeTime: BrazLanguage:various statGeographyborders all The AtlanticClimate: MLabor ForcUnemployIndustrial p
ENGST ASSOCIATE
nalyzed in thistion of each ty
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ading supplierng their sales
acturing focusnon-dominan
AL EQUIPME
ck the latest cued growth in l component
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ection examined machines and confusing
a landmass smerica. It alsohe list below pd economic c
5,770 sq km (size of the US
n: 204,259,81rasília ent: Federal Rnment: Presidion: Octoberative Divisionence: Septemzil spans four : Portuguesetes. Spanishy: Brazil encoof the South c Ocean is on
Mostly tropicalce: 100.9 millment Rate: 7production g
ES © 2015 ALL RIG
s edition. Weype of machin
PROFILES
rs of construcs and products, exports, annt suppliers.
ENT MARKET
changes in ththe Brazilian of the North Ag inroads in th
ORT FEES
es the costs iare subjectedg in the Brazil
slightly smalleo has the largprovides a snonditions.
(3,287,957 sqSA 2 (July 2015)
Republic | Headent Dilma Ror 2018 ns: 26 states
mber 7, 1822 (time zonesis the official is commonly
ompasses almAmerican nat
n the east side, but temperaion (2014)
7.6 percent (Jgrowth rate:
CONSTRUCTI
GHTS RESERVED CO
e also providenery covered
ction equipmetion positionsd overall outlo
T
e Rental Equeconomy. T
American heahe Brazilian m
incurred for imd to taxes andlian economy
er than the Ugest populationapshot of Bra
q miles)
)
ad of State ousseff since
s and one fed(from Portuga
language, wiy spoken in bomost half of thtions with thee of Brazil.
ate in the Sou
July, 2015) -1.5 percent
ION EQUIPMENT
ONTENTS CONFID
a five-year fo in the report
ent in Brazil a, changes in ook. We also
uipment sectoThe rental segavy machinerymarket.
mporting equd regulations,y.
nited States, on and GDP oazil and its ge
January 201
deral district al)
ith several regorder areas ohe South Amee exceptions o
uth
(2014)
MULTI‐CLIET MARKETS | BR
ENTIAL TO THE CL
orecast for sa.
re examined product lineuo briefly discu
or and analyzegment has becy market and
ipment in Bra which are so
is the largestof all the conteography, peo
1
gional accentof some stateserican contineof Chile and E
ENT STUDY RAZIL 2015
LIENT
ales and
by ps,
uss new
e its come an is
azil. ometimes
t country tinent’s ople, and
ts in s. ent. It Ecuador.
MULTI‐CLIENTCONSTRUCTIO
THE BRAZECONOM
T STUDY ON EQUIPMENT
ZILIAN MY
MARKETS | BRA
YENGS
Economic America. Gand agriculstrides durirecession inRoadwaysEthnic/Rac7.6%, AsianLife ExpecLiteracy PeCurrency:
With the woand surpasIndia. It haRussia, Indknown as “included). mining, agrpolicy has finvestment
The shift inmost recenmade throuBrazilians johelped fuelnatural gaspromised thglobal econexception, w
Soon, howeeconomiesfor Brazilian2013, the nan annual tsuch as sugrecent fall ian importanmetric ton irelated issubecause th Brazil’s chainvolving st
AZIL 2015
ST ASSOCIATES ©
Overview: BGlobally, it hastural sectors.ng the 2000sn the second
s: Total: 1,580cial Groups:n 1.1 %, and
ctancy: 73.53ercentage: 9 Brazilian Re
orld’s seventhsses many othas the seconddia, and ChinaBRIC” econoThe country hriculture, and focused on fig.
emphasis towt economic co
ughout the 20oined the ran consumer de
s deposits, cohat the prospenomies were rwith 7.5 perce
ever, progres, especially ken exports. Frnation experietrade deficit ingar, coffee, son oil prices hant export for Bn July, 2015,
ues has been e nation gene
ange in fortuntate-run gas a
2015 ALL RIGHTS
Brazil's econos the seventh As one of th
s, but recentlyquarter of 200,964 km; pa White 47.7%Indigenous, 03 years (Male92.6% of the eal
h largest GDPher global eco largest econ
a, Brazil is onmies (also refhas well-deveservices. Braghting inflatio
ward an invesonditions that00s. In the fiks of the mid
emand. The dupled with proerous times wreeling from tent GDP grow
s began to uney trading parom 2001-201enced its first n 2014. Furthoybeans, andas received mBrazil—is equfrom $187.18drought, a pr
erates about 7
e has been eand oil compa
RESERVED. ALL CO
my is, by far, h largest GDPhe leading emy, the econom015. aved: 212,798%, Mulatto (m0.4% (2010 Ces 69.99 yearpopulation ov
P, Brazil is theonomies, incluomy in the wee of the key eferred to as “eloped econoazil maintainsn, improving
stment modet threaten to urst decade ofdle class. Wdiscovery of pofitable expor
would continuthe global recwth for the ye
nravel. Slowiartners, China12, Brazil hadquarterly trad
hermore, priced iron ore tookmuch attentionually significan8 in Februaryroblem that th75 percent of
exacerbated bany Petrobras
ONTENTS CONFID
the leading eP and well-devmerging markemy has slowed
8 km; unpavedixed White an
Census) rs, Females 7ver age 15 is
e biggest maruding Russiaestern hemisemerging marBRICS” whenmic sectors in
s a floating exits credit ratin
l of growth is undermine thf the twenty-fi
With easier accpotentially lucrts from agric
ue. By 2010, cession, Braziear.
ing growth in a and Argentind recorded trade deficit in me decreases ik a bite out ofn, a drop in thnt, plummetin
y, 2011. Comhreatens Brazf its electricity
by a scandal, s—a scandal
DENTIAL TO THE CL
economy in Sveloped manuets, Brazil mad and entered
d: 1,368,166 nd Black) 43.1
7.25 years) literate
rket in Latin A, Italy, Canadphere. Alongrkets collectivn South African manufacturxchange rate ng, and attrac
a response te significant pirst century, mcess to credit,crative offshoculture and mia time when mil was a notab
many global na, reduced dde surpluses
many years, foin leading expf profits. Whihe price of irong to $51.50 p
mpounding thezil’s electrical y from hydrop
named “car wwith potential
LIENT 3
South ufacturing
ade rapid d a
km (2014) 1%, Black
America da, and g with vely a is ring, and
cting more
o the progress millions of , they re oil and ining, most ble
demand , but in
ollowed by ports le the
on ore—per dry ese trade-
supply, ower.
wash,” lly wide-
44 Y
ranging rippoverpayingwas then fuPresident Dthe scandainvestors haPetrobras’ sThe crisis isattract moremoney into Other morethe seventhCompared compared tcompetitionexcessive gcontributingease of conpercent of teconomic dmarket in a In an effort high growthto Finance circumstancfriendly appPresident Rand to steminvestment resulted in the nation ia balancedto “junk”—t Brazil, with in an effort associated recent bills and increascontinue toargue that tcredit agen Equally impregulatory bunder discu
ENGST ASSOCIATE
ple effects in contractors i
unneled to coDilma Roussel). Over 100 ave lost monestock declines ongoing ande investment, companies a
e deeply-rooteh largest GDPto other emeto China’s 42n, resulting in government reg to the Worldnducting tradethe nation’s rodevelopment aa timely mann
to reverse thh rates of the Minister. Levces under diffproach to poliRousseff. Hism inflation in o
credit rating.two successivnto a recessio budget, Stanthe nightmare
Levy’s urgingto reduce govwith Levy hahave capped
sed import tax generate conthese reformscies, Moody’s
portant for draburdens and ussion. For e
ES © 2015 ALL RIG
the economynflated sums rrupt busines
eff’s Workers business andey on compand by half, andd will likely un, since investoassociated wit
ed problems aP among worlrging econom%). Much of low levels of egulations had Bank’s low re across bordoads unpavedas farmers aner.
e tendencies recent past, P
vy has guidedferent adminicy, a contrast
s primary concorder to attrac Unfortunateve quarters oon. When the
ndard and Pooe that Levy fea
g, has implemvernment debve not been p
d pensions, limxes. Other auntroversy. Des are necessas and Fitch, fr
awing investomaking inves
example, prop
CONSTRUCTI
GHTS RESERVED CO
y. Since at leaof money for
ss leaders andParty (althougd political leadnies that are d Moody’s lowndercut the cuors are afraidth Petrobras.
are also causd economies
mies, investmethe economylabor produc
ave damagedranking of Braders. A deterid and with hend manufactu
mentioned aPresident Rod the Brazilianstrations in tht to the more cerns have bect more investely, however, of negative groe governmenor’s downgraared might ha
mented a numbt and achievpopular with mmited sick leausterity effortsespite the polary to attract irom also dow
ors to Brazil astments more posals have b
ION EQUIPMENT
ONTENTS CONFID
ast 2006, Petr their serviced politicians—gh she has nders have beeunder investi
wered its ratinurrent admini
d of being “bu
se for concern, its GDP perent is mediocy has been shctivity. High le the businessazil among wiorating infras
eavily-congesturers cannot g
above and to russeff has apn economy thhe past and isinterventioniseen to restoretment and mathe economyowth in the fir
nt could not puded Brazil’s s
appen.
mber of variouve a balancedmany Braziliaave and unems are still beinlitical bickerininvestment an
wngrading Bra
re reforms aimlucrative. Ma
been made for
MULTI‐CLIET MARKETS | BR
ENTIAL TO THE CL
trobras has bees. Some of t—including me
ot been implicen arrested, agation. The v
ng to “junk” ststration’s efforned” by sink
n. Although Br capita is rancre (18% of Ghielded from gevels of taxatis climate, thusorld economi
structure, withted ports, hinget their produ
return Brazil tppointed Joaqhrough trying es known for a st tendenciese a balanced aintain Brazil’y’s continued srst half of 201ut forth a propsovereign cre
us austerity md budget. Theans: For exammployment beng contested ng, Levy’s supnd to prevent azil’s credit sta
med at reducany of the refr deregulating
ENT STUDY RAZIL 2015
LIENT
een he money
embers of cated in and value of atus.
orts to ing
Brazil has ked 95th. DP
global ion and s es for
h about 85 ders ucts to
to the quim Levy economic market-
s of budget s slowing 5, sinking
posal for edit rating
easures e policies mple, nefits, and
pporters the other
atus.
ing forms are stillg the energy,
MULTI‐CLIENTCONSTRUCTIO
T STUDY ON EQUIPMENT MARKETS | BRA
YENGS
mining, agrrequiremenof service athat Petrobsource of foMore substpercent to 9Furthermorrecent agreseven otheless red tapfrom the staBrazil has lfor infrastruwill create i The governchanges in environmenand gas dewere desigauctions, umaintain athowever, hoffered on tInvestors afrom Mexicyears of a ngovernmenrules, Mexicauctions. A change insector, a setarnished frpercent andthe sales apower plancompanies this point. BG Group fextensive dwill increasof liquefied Petrobras isscandal. Band infrastr
AZIL 2015
ST ASSOCIATES ©
riculture, and nts that mandaand equipmenras must havossil fuels thatantively, Braz9.2 percent. re, various infeement for ther roads. Othepe, a lifting of ate-run Nationaunched a la
ucture developncentives for
nment’s attemthe sale of co
nt more attraceposits (not inned to be monlike the formt least a 30 peave been disathe opening rnd energy coo. The responationalized ont to liberalizeco was able t
n local contenector that offerom the scandd will be divesre transactedts, gas distribhave reporte
In a separatefor 70 billion ddrilling rights ae its gas and natural gas,
s not the onlyBusinesses asructure develo
2015 ALL RIGHTS
aviation sectoate businessent purchases.e a stake in t
at was discovezil raised the Ports, railwayfrastructure pre privatizationer projects invcaps on inve
nal Social andrge public copment. It hasr lenders to inj
mpts to give a oncessions active to investcluding pre-s
ore investmenmer productionercent stake iappointing. Around were soompanies are onse to Mexicoil policy—we its local contto attract more
nt rules could ers other invesdal and in neesting many of, some of the
bution serviceedly been invite deal involvindollars. Both as well as driloil reserves band facilitate
y company sessociated withopment are d
RESERVED. ALL CO
ors. Other rees to hire loca There is evehe “pre-salt” oered in 2007 rate of returnys, and airporrojects are in n of four roadsvolving airporestment profitsd Economic Dncessions pros also put fortject more cas
greater role tare indicative otors. Likewisesalt deposits), nt-friendly. A n sharing modn all projects.
As of this writold, while somhoping the B
co’s initial aucere disappointtent rules. Wre offers and i
stimulate mostment oppored of cash, plf its assets. Ae assets that ces, and downsted to look at
ng oil compancompanies o
lling rights in by 25 percenaccess to Br
eeking to diveh the scandal ivesting rathe
ONTENTS CONFID
eforms includeal companiesen talk of elimoffshore oil aunder a thick
n on highway rts might see the process s in 2015-201rts, railroads, s, and less inDevelopment oject that hopth a policy by sh into agricu
to the private of its efforts te, the latest r which openeconcession mdel that speci. Opening biding, only 17 o
me blocks recBrazilian govection of oil andting, promptin
With the changinvestment in
ore interest inrtunities. Statlans to cut itsAlthough detacould be soldstream assetst data, but thenies, on April 8operate in BraAustralia. Fot, making it th
razil’s deep w
est assets in vthat are invo
er than expan
DENTIAL TO THE CL
e easing loca for a certain
minating the rend gas fields,
k layer of rockconcessions similar increaof being priva16 might be eand seaports
nvolvement anBank (BNDE
pes to attract which the celture and mor
sector and imo create a buound of aucti
ed in October model was usified Petrobrads in the auctof the 119 bloceived no bidsrnment will tad gas blocks—ng the Mexicae in local con the next roun
the Braziliante-run Petrob investments
ails will not be include therms. The major ere is nothing 8, 2015, Shelazil, but BG hor Shell, the ahe world’s larg
water fields.
view of the “calved in constr
nding. Furthe
LIENT 5
l content percentage
equirement , a rich
k and salt. from 7.2
ases. atized. A expanded to s will have nd financing ES). In sum, $64 billion
entral bank rtgages.
mplement usiness ons for oil 2015, ed for the
as had to tion, cks
s. ake a cue —after an ntent nd of
n energy ras, by 35-40
e known until moelectric oil official at
ll acquired as more
acquisition gest supplier
ar wash” ruction
ermore,
66
Y
Brazilian codeclining oiinvestment years ago b Although thmiddle-claspicture, thefollows, prein 2015, ansectors. Thin the singleBrazil’s leadweakened These concthat will stimgames. On2014 Worldthe games protests resAugust, 20These politproblem wit The table bbrief explan BRAZIL ‐ KEYBRAZIL
GROSS DOMGDP IN 2015REAL GDP GINFLATION CPI (ANNUALUNEMPLOYMBRAZILIAN U
EXCHANGE RREAL / $US INTERNATIO
EXPORTS ($UIMPORTS ($USOURCE: CENT Brazil’s Groquarter of 2percent afte2009, follow
ENGST ASSOCIATE
ompanies in oil prices as weopportunities
because of th
hese opportunss, estimated e more immedesents many cd the fallout f
he political site digits and mding trading preal could giv
cerns form themulate constrn the other had Cup soccer over the needsurfaced but w15 demonstratical controverth no quick so
below lists somnation follows
Y ECONOMIC I
MESTIC PRODUCT (R$ MILLIONS)ROWTH
L VAR. IN %) MENT RATE UNEMPLOYMENT
RATE
ONAL TRADE
US MILLIONS) US MILLIONS) TRAL BANK DO BRA
oss Domesti2014, contracer experiencinwed by 7.6 pe
ES © 2015 ALL RIG
oil, gas, shipbell as problems—opportunite currently-w
nities, combinat 100 million
diate situationchallenges. Tfrom the Petrotuation is alsomany calling fopartner, will reve a boost to e
e backdrop toruction spendand, citizens pmatches, belds of its own with a focus oations calling rsies compouolutions, even
me of the bass.
NDICATORS 2010
T 3,886,835
7.6%
5.9%
T 7.0%
1.84
200,760181,768
ASIL, CIA FACTBOO
c Product (Gting by 1.2 peng wide swingercent growth
CONSTRUCTI
GHTS RESERVED CO
building and rems associatedies that might
weakened Bra
ned with Brazn people, bodn, as outlined The economyobras scandao dire, with Prfor her impeaceduce Brazil’sexports.
o Brazil’s hosting for the spprotested Bralieving that thcitizens. It w
on the Olympfor the impea
und the difficun though Braz
sic economic
2011
4,374,765 4,73.9%
6.5%
6.2%
1.74
255,652 2226,246 2
OK | 2015 FIGURE
GDP) took a sercent. For thgs, including in 2010. Thu
ION EQUIPMENT
ONTENTS CONFID
elated industrd with Petrobrt look more a
azilian real.
il’s natural resde well for thein the indicat
y could contraal will be felt inresident Rouschment. Slows level of expo
ting of the Olyports infrastrucazil’s high levehe governmenwould not be s
ics, especiallyachment of Prulties in achievzil has much t
indicators for
2012 20
713,096 5,15751.8% 2.
5.8% 5.
5.5% 5.
2.04 2
243,165 242,2223,183 239,7S BASED ON Q2
sharp downwahe year, GDPa contractionus far, 2015 i
MULTI‐CLIET MARKETS | BR
ENTIAL TO THE CL
ries, sufferingras, offer addttractive than
sources and le nation’s longors section th
act by over twn many econosseff’s approvwing growth inorts, even tho
ympics in 201cture neededels of spendinnt placed the nsurprising if thy in view of thresident Rousving economito offer in the
r the last five y
013 2014
569 5,521,2567% 0.1%
9% 6.4%
4% 4.8%
.25 2.45
213 225,240747 229,060
ard turn in theP grew by just
of 0.2 percens continuing t
ENT STUDY RAZIL 2015
LIENT
g from itional a few
large g-term hat
wo percent omic val rating n China, ough the
16, an event for the
ng for the needs of
hese he mid-sseff. ic growth, a
e long run.
years. A
2015
N/A‐1.9%
9.5%
7.5%
3.91
N/AN/A
e last 0.1 nt in the
MULTI‐CLIENTCONSTRUCTIO
T STUDY ON EQUIPMENT MARKETS | BRA
YENGS
downward sfirst two quabeen unevethe first quaagriculture economic sindustry, a for 25 perce Inflation, rein July, 201to put a straspecifically attempts tosteady upswhighest levequarter of 2 The increasslowdown tAugust, 20it made wheof the crisisthe followinpercent in 2 Brazil is a suntil 2013. Brazilian exfavorable bhas made ccapital goodEuropean USince 2011cars, while include fooddestinationsArgentina ( Brazil has heconomy isThe main alivestock, osteel, commvehicles, aumail, teleco
AZIL 2015
ST ASSOCIATES ©
slide of the prarters of 2015enly felt in thearter of 2015 accounts for
sector (69 persector that inent of GDP.
eaching its hi5. The inflat
aightjacket ontargeted lowe
o lower the ratwing. In Julyel since Octo2014, althoug
sed borrowingthat is reflecte15, unemployen the econo
s for Brazil, inng year, the ra2014.
significant exp Imports excexports surpasbalance of tradconsumer goods, fuels and Union (21%), , Brazil has indecreasing ed products, fus for Brazilian8%).
had the sevens divided into agriculture prooranges, cottomercial aircrafuto parts, conommunication
2015 ALL RIGHTS
revious year’s5, placing Brae economy, asbefore declinonly six percercent of GDP)cludes manuf
ghest level siion rate has rn consumer dering the inflate (by increas, the interestber, 2006—yh it took a mi
g costs have ed in the steayment reachemy rebounde 2009, unempate consistent
porting countreeded exportsssed imports. de resulted froods more explubricants, anChina (15%)ncreased exp
exports of oil, uels and lubricn goods includ
nth largest ecthree major c
oducts consison, wheat, andft, chemicals,
nsumer durabns, banking, e
RESERVED. ALL CO
s last quarterazil into recess agriculture ing in the secent of GDP. ) experiencedfacturing, min
ince Novembrisen for eightdemand and sation rate to 4sing borrowingt rate was incet inflation hanor dip to 9.5
contributed toadily increasined 7.6 percented from the glployment surptly trended do
ry that regulas the following Rather than
rom decreasepensive. Braznd durable co, the United S
ports of soy becoffee, and ccants, and mde China (18
conomy sincecomponents: st of coffee, sod tobacco. Fo, petrochemicbles, cement, energy, comm
ONTENTS CONFID
, as the econssion. The ecactually expecond quarter. The service i
d big declinesning, and con
er, 2003, incrt consecutive spending. Go4.5 percent asg costs) havecreased to 14as been on th53 percent in A
o the economng unemployt, a contrast tobal econompassed eight ownward, rea
rly had favorag year, but bya surge in ex
ed imports, aszil’s chief imponsumer goodStates (15%),eans, corn, b
cotton. Other obile equipm%), the Unite
2007. As meagriculture, inoybeans, sugor industry, th
cals, footwearand lumber.
merce, and co
DENTIAL TO THE CL
omy contractconomic slowderienced recor
Unfortunatendustry, the l
s in 2015, as dstruction and
reased to 9.56months and
overnment pos a key objecte failed to arre.25 percent—e rise since thAugust, 2015
mic slowdown—ment rate. Ao the steady ic crisis. At thpercent, but
aching a low o
able trade bay February, 2xports, howevs the weakeneports are raw mds, arriving fro and Argentineef, iron, copexported itement. The leadd States (11%
entioned abondustry, and sarcane, cocohe key sectorr, machinery, Leading servmputing.
LIENT 7
ed in the down has rd GDP in ly, argest did accounts
6 percent continues
olicy has tive, yet est the
—the he last
5.
—a As of progress he height beginning
of 4.9
alances 015,
ver, the ed real materials, om the na (7%). pper, and ms ding %), and
ve, the services.
oa, rice, rs include motors,
vices are
8
MM
8
MACHINERMARKETS
RY
Y
Brazil is ricPrimary natgemstoneselectricity frhydroelectrtwelfth lead The abundaand manufaAlthough thprogress, Bthe sevenththe road forfor both thedevelopme
Our report can emphasfrequently uthe report isequipment,and developroduct thaown five-yeto base theclearances to analyze tare shipped
The machineconomy wsecond quaexperiencinlonger-termsolid footinginfrastructuprices are ifor growth w
Lastly, equBrazil. Pernew facilitiepast few yeTadano, Zoopened procapacity du
ENGST ASSOCIATE
h in natural retural resource, oil, wood, anrom hydropowric output. It iding producer
ance of Braziacturing sectohe recent ecoBrazil has oveh largest econr the near futue nation and tnts that will s
concentrates sis on companused in the cos broken dow we analyze cpments such
at are relevantear forecast oem on retail sa
through custthe sourcing od and sold.
nery market inwent into a tailarter of 2015. ng economic am perspective,g. Demand fore for the econ general decwhen commo
ipment supplirhaps most tees obviously hears, JCB, Deoomlion, Cifa,oduction facilituring the past
ES © 2015 ALL RIG
esources, inces include: irond aluminum.wer and rankss also the sec
r of petroleum
l’s natural resors, will help tnomic and po
ercome more nomy in the wure, but the lohe constructiopur economic
on trends witny sales and ponstruction, m
wn into differencompanies’ mas the openit for construcf sales and pales to end cutoms. We havof equipment
n Brazil had blspin in the la As discusse
and political p, however, theor equipmentonomy to growcline, Brazil’s
odity prices re
iers continue llingly, compahave positive eere, Hyundai Raimondi, aties in Brazil.two years, ad
CONSTRUCTI
GHTS RESERVED CO
luding 14 peron ore, manga. Brazil genes second or thcond leading
m.
sources, alonthe nation oveolitical problemdifficult proble
world. There wonger term peon industry thc growth.
thin the Braziproduction lev
mining, and agnt types of eq
market share, ng of new fac
ction markets.roduction. Oustomers rathve also providt as well as th
been strong uatter part of 20ed in the earlieproblems thate outlook for t remains strow at respectarich natural r
ebound.
to enter the manies that havexpectations
i, Doosan Infrnd Hitachi (inCaterpillar aldding a new f
ION EQUIPMENT
ONTENTS CONFID
rcent of the wanese, bauxit
erates about 7hird among nnation in etha
g with well-deercome the cms have disruems in the pawill undoubteerspectives arhat will propel
ilian heavy eqvels of the magricultural secquipment. Foproduction o
cilities or disc Each equipmur approach t
her than shipmded import anhe destination
up until very re014 and enterer section on t defy easy soconstruction
ong, as the naable levels. Aresources will
market and seve recently ops of Brazil’s poracore, Maniton partnership wlso expandedfacility in Cam
MULTI‐CLIET MARKETS | BR
ENTIAL TO THE CL
world’s fresh wte, nickel, ura75 percent of ations for totaanol productio
eveloped agriurrent turbuleupted the couast and emergdly be bumpsre more encol many of the
quipment marachines that actors. This seor each piece utput, sales hontinuation oment type alsto sales estimments to dealnd export infons where the m
ecently, whenred a recessiothe economy
olutions. Froequipment is
ation has to deAlthough comm
l provide oppo
ee much potepened, or plaotential. Withowoc Craneswith Deere) h
d its manufactmpo Largo, Pa
ENT STUDY RAZIL 2015
LIENT
water. anium, its
al on and
icultural ent times. untry’s ged as s along
ouraging,
rket with are ection of of
history, f a
so has its mates was ers or
ormation machines
n the on in the y, Brazil is om a
on more evelop modity ortunities
ential in n to open,
hin the s, XCMG, have turing arana
MULTI‐CLIENTCONSTRUCTIO
.
BACKHOE RETROESCA
T STUDY ON EQUIPMENT
LOADERS AVADEIRAS
MARKETS | BRA
YENGS
state, whichproduction production.goal in the The followinmarket.
Sales and loader in thconstructioversatile maDemand foresulted in backhoe mknown Chinmarket pres Despite thedecimated increasing fhowever, wprovides sa
The most pvarious moversatility aaccounting years, the Bmunicipal eroughly 1-2
1425
0
2000
4000
6000
8000
10000
12000
14000
2000
AZIL 2015
ST ASSOCIATES ©
h is now in opand Deere, la For 2016, Sfuture of man
ng is our ana
Trends: Thee front and ban equipment.achine used ir these populan expansionarket include nese suppliersence in Braz
e popularity ofsales. Beforefrom 1,672 un
was rapid, as sales figures fro
popular types dels have a m
allows it to be for the larges
Brazilian goveequipment flee2 percent of sa
1890 224113
2001 2002 20
BAC
2015 ALL RIGHTS
peration. In 2ater in the yea
Sany will opennufacturing in
lysis of the pr
backhoe loadackhoe in the It can be ouin numerous tar machines
n of the numbDeere, Hyun
rs. Currently, zil and anothe
f the backhoee the current nits in 2005 tosales plummeom 2000-201
of backhoe lomore extensivused in a wid
st share—aboernment has iets, resulting ales, the rent
340 1320 1672
003 2004 2005
CKHOE LOAD
RESERVED. ALL CO
2015, LiuGongar, will expann a new facilit
Brazil the co
roducts offere
der, essentiae rear, is one utfitted with vatypes of agricin Brazil grew
ber of supplierndai, Terex, a
there are eiger eight with a
e loader, the rdownturn, hoo 12,042 unitseted to 6,627 4.
oaders fall intve range, fromde array of apout 55 percenimplemented in approximaal industry re
23983396
5
5 2006 2007 2
DER SALES | B
ONTENTS CONFID
g opened a pd an existing
ty in Jacarei, Smpany’s entir
ed in the Braz
lly a modifiedof the most p
arious attachmcultural and cw rapidly thrours. Since 201nd Volvo, as
ght companiesa more limited
recent economowever, sales s in 2013. Thunits in 2014
to the 75-85 hm 50-125 hp. pplications, wnt—of all salebuying progr
ately 25-30 pemains a limite
5199 5119
7991
2008 2009 2010
BRAZIL 2000‐
DENTIAL TO THE CL
lant for wheefacility for tra
Sao Paulo, wre line of exca
zilian heavy e
d farm tractor popular types ments, thus monstruction pughout the 2010, new entrawell as severs with a signifd footprint.
mic crisis hashad been rob
he downward 4. The graph
hp category, a The machineith contractors. Within therams to increaercent of saleed purchaser
18682
10315
1
0 2011 2012 2
2014
LIENT 9
l loader actor with the avators.
quipment
with a of
making it a rojects. 000s and ants to the ral lesser-ficant
s bust, spiral, below
although e’s rs e last few ase s. With
r of
12042
6627
2013 2014
110 Y
backhoes. applications Market ShaBrazilian bacollectively market, a mwhen they ctwo CNH blarger share2014, CaseHolland sol JCB was thselling 1,17percent of textraordinaonly 20 unitpeaking witfew years, tgovernmenaugment th In 2014, Cacounted sesales. Thesuppliers inseveral newestablished Volvo, one percent of tTultitlan, Mcompany adiscontinuethe manufaBackhoe loincluding PU.S. and B Randon ensales from companies eight percemarket. Backhoe sa
ENGST ASSOCIATE
The remainds.
ares: CNH, wackhoe markeaccounted fo
modest improvcaptured 36 prands, Case ce of the marke sold 1,757 ud 950 machin
he second lea72 backhoes athe market. Tary success ints, but it steadth 3,040 salesthe company
nt contracts thheir fleets, inc
aterpillar was parately) lead company ha
n 2010 (27%) w entrants in td companies l
of the relativethe market lasexico, to Pednnounced mo
e production oacturing of thooaders have holand, Mexicorazil. The U.S
tered the Bra29 units in itsoperating in
ent of the mar
ales, covering
ES © 2015 ALL RIG
der of sales go
with its Case aet for a good or 41 percent vement sincepercent of salconsistently a
ket than New Hunits (27%), wnes (14%).
ading supplierand capturingThe companyn Brazil: In 20dily increaseds in 2013. Whas benefited
hat have helpeluding a 2013
the third or foding supplier.s held more dand 2013 (26the market, itost a bit of m
e “newcomersst year. The erneiras, Braore changes fof backhoe loaose two produhad several dio, and Brazil.S. manufactu
azilian market s initial year toBrazil, Randoket, after selli
g the years 20
CONSTRUCTI
GHTS RESERVED CO
BA
oes to agricul
and New Hollnumber of yeof the
e 2012, les. Of the accounts for aHolland. In
while New
r in 2014, g nearly 18 y has had 000, it sold d its sales, ithin the last d from ed municipali3 contract for
ourth (if sales It sold 875 udominant pos6%). Howevet was not surp
market share to
s” to the Brazcompany relo
azil, in 2013. for backhoe paders (as weucts to SDLG,ifferent manu Graders hav
uring of grade
in 2002 and o 1,242 in 201on’s sales pluing 1,242 bac
010-2014, are
ION EQUIPMENT
ONTENTS CONFID
CATERPIL13%
VOLVO9%
RANDON8%
DEERE6%
AGCO4%
OTH1%
ACKHOE LOA
ltural, industri
land brands, hears. In 2014
a
ties 1,000 backho
s for Case andunits for 13 pesitions in the per, as mentionprising that soo the newcom
zilian market, ocated backhIn late 2014,
production. Tll as motor gr, Volvo’s Chinfacturing loca
ve generally brs will continu
made steady13. Howeverummeted to 5ckhoes in 201
e listed in the
MULTI‐CLIET MARKETS | BR
ENTIAL TO THE CL
CASE (CN27%
NEW HOLLA14%
LLAR
HERS%
DER MARKET
ial, and other
has dominate, the two com
oe loaders.
d New Hollanercent of indupast, topping ned above, wome of the momers.
sold 610 unitoe productionhowever, the
The company raders), transfnese-based sations in recebeen produceue.
y progress, incr, like sales of26 units in 20
13 for 10 perc
following tab
ENT STUDY RAZIL 2015
LIENT
NH)
JCB18%
AND
T SHARES
r diverse
ed the mpanies
nd are ustry all
with ore well-
ts for nine n from e will ferring
subsidiary. nt years d in the
creasing f most 014 for cent of the
ble.
MULTI‐CLIENTCONSTRUCTIO
T STUDY ON EQUIPMENT MARKETS | BRA
YENGST
BACKHOE LBRAZILIAN MANUFACTCASE (CNH)JCB NEW HOLLACATERPILLAVOLVO RANDON DEERE AGCO HYUNDAI LIUGONG XCMG TEREX OTHER SUPTOTAL:
SOURCE: YENG Unlike mos2014, goingOne of the in 2012. Inpartnershipmanufactur In contrast longer one has consist2014 for alm Other new XCMG, XGinterest in edevelop a bcompany hfor just oveMost of thenot favorabare the highcompaniesburdensommarket. Productionbackhoe loaniche in themachines invery small ploader prodconsistent l
AZIL 2015
T ASSOCIATES © 2
LOADERS IN BRSALES DATA |TURER )
AND (CNH) AR
PPLIERS
GST ASSOCIATES O
st other compag from 216 un“newcomers” 2014, the co
p with Hitachi re backhoe m
to Deere, Agcof the domina
tently averagemost four per
suppliers thatGMA, Yanmarentering the Bbackhoe loadeas not follower one percent
e companies hble for all supph tariffs for im. The combin
me operating e
n: Four compader producti
e market with n Brazil, althoparticipant daduction to Chileader since 2
015 ALL RIGHTS R
RAZIL 2010 TO 2014
2010 2,120 1,200 1,120 2,156 255 840
‐ 225
‐ 30 45 ‐ 0
7,991 OTHERS – FOTON
anies, Deere,nits in 2013 to” to the Brazilompany comp(for excavato
model 310K as
co has had a ant companieed over 200 arcent of the m
t have entere, Cukurova (T
Brazilian backer specificallyed up with ant of the markehave yet to repliers, let alon
mporters, as wnation of disadenvironment w
panies—Cateon in Brazil. Rits product lin
ough two of thating back mana, which we2010 and has
RESERVED. ALL CO
42011 22,227 2,1,865 2,1,172 1,2,021 2,240 704
‐ 250
‐ 43 16 45 99
8,682 10,, CHANGLIN, XGM
, the next leado 404 machineian backhoe
pleted two newors). The plans well as whe
long-standines as it was 1annual sales s
market.
ed the market Turkey), and Ykhoe market ay designed fony real hardwaet, mostly capecord sales, ane new entranwell as sales, dvantageouswill likely caus
erpillar, Case,Randon is a fne. Deere, Vohe companiesany years. (Ve will discuss s made great
NTENTS CONFIDE
2012 201,325 2,40,520 3,040,371 1,144,200 3,189341 39995 1,24
6 21250 2716 11811 15 1050
215 10,315 12,04MA, DIG, YTO, YANM
ding supplier,es for six permarket, Deerw facilities in nt that is excluel loaders.
g presence in0-20 years agsince 2006, s
include TereYTO (China).and has annor the Brazilianare yet. Thesptured by Hyuand current mnts. Compoufederal, state market condse some com
New Hollandfifth supplier tolvo, and Agcs are newcom
Volvo is transflater.) Caterpstrides since
NTIAL TO THE CLIE
3 2014 5 1,757 0 1,172 4 950 9 875 3 610 2 526 6 404 5 250 8 73 ‐ ‐ 0 ‐ ‐ ‐ 0 10 2 6,627 MAR, AND CUKUR
, saw its salescent of the m
re first recordeBrazil, one ofusive to Deer
n Brazil, but itgo. Nonethel
selling 250 un
x, LiuGong, H Sany has ex
ounced that it n market, but se companiesundai’s 73 uniarket conditionding the diff
e, and local taditions and a
mpanies to exit
d, and JCB—that has carveco are also promers and Agcoferring its bacpillar has bee2000, when
ENT 11
% of 2014 27 18 14 13 9 8 6 4 1 ‐ ‐ ‐ <1 100
ROVA
s jump in arket. ed sales f them in re will
t is no less, it its in
Hyundai, xpressed plans to the
s account its sold. ons are ficulties axes for all
t the
dominate ed a oducing o is a khoe
en the it
112 Y
manufacturproduction.to other Latbackhoes in
CNH’s two combined funits, or 33the industry2014. Casestronger of had been thproducer beCaterpillar ethe leadingmanufacturCase forgeunits, the sehighest totaNew Hollanfor 14 perceneither com JCB is the othird highesgrowth, JCB65 units in 2strong globfirst develo Randon, a steadily incmachines inseven percmanufactur
BACKHOE LOBRAZILIAN P
MANUFACT
CATERPILLACASE (CNH) JCB NEW HOLLARANDON DEERE VOLVO AGCO TOTAL:
SOURCE: YENG
ENGST ASSOCIATE
red only 25 un Since begintin American n Brazil are lis
companies for 2,547 3 percent of y output in e is the the two and
he leading efore emerged as rer. In 2014, d 1,489 econd al, and accound, manufactuent of output.
mpany has be
only other OEst total, 1,086B’s productio2001 and rea
bal reputation ped the back
company thacreased its pron 2013. Prodent of producring 450 mach
OADERS IN BRPRODUCTION
TURER
AR
AND (CNH)
GST ASSOCIATES |
ES © 2015 ALL RIG
0
2000
4000
6000
8000
10000
12000
14000
20
nits. In 2014,nning productcountries. Prsted in the ta
nted for 19 peured 1,058 ma Both CNH c
een a major ex
EM to manufa6 units, for 14 n developme
aching 3,113 ufor backhoe lhoe in 1953.
t is also knowoduction, goinduction droppection. Volvo, ohines for six p
RAZILDATA | 2010 T
2010
2,420 22,103 21,400 21,140 1845
‐ ‐
225 8,133 9
ABIMAQ
CONSTRUCTI
GHTS RESERVED CO
34214038
4
005 2006 2007
BRAZILIAN BA
, it produced 2tion in Brazil, roduction figuble below.
ercent of prodachines, the f
companies haxporter from t
acture over 1,percent of prnt has been eunits in 2013.loaders, partl
wn for its comng from 45 uned significanton the other hpercent of out
TO 2014
2011 20
2,477 3,742,337 2,262,044 2,41,222 8705 99
‐ ‐
300 309,085 10,5
ION EQUIPMENT
ONTENTS CONFID
48316177
5160
2008 2009 20
ACKHOE LOADER
2,419 machinCaterpillar ha
ures for the m
duction. CNHfourth highest
ave a strong pthe South Am
000 units in 2roduction. Simequally notew. The compay the result o
mmercial trucknits in 2002 atly in 2014, fahand, began tput. Howeve
12 2013
45 3,857 66 2,811 29 3,113 21 1,367 97 1270 ‐ ‐ ‐ ‐
00 325 58 12,743
MULTI‐CLIET MARKETS | BR
ENTIAL TO THE CL
81339085
10
10 2011 2012
R PRODUCTION
nes for 31 peras exported m
major producer
H’s other comt total, and ac
presence in Bmerican count
2014, producimilar to its sa
worthy, beginnny benefits fr
of JCB’s found
k manufacturinnd peaking w
alling to 530 uproduction in er, as mention
2014
2,419 1,489 1,086 1,058 530 453 450 250
7,735
ENT STUDY RAZIL 2015
LIENT
0558
12743
7735
2013 2014
| 10 YRS
rcent of machines rs of
pany, ccounted
Brazil, but ry.
ing the ales ning with rom a der, who
ng, had with 1,200
nits for 2014, ned
% OF 2014
31 19 14 14 7 6 6 3
100
MULTI‐CLIENTCONSTRUCTIO
T STUDY ON EQUIPMENT MARKETS | BRA
YENGST
above, Volvloaders. Roof productio Imports anbackhoe loaBrazil do noit necessaryof their macmade withinin 2014, buNot all of thbecome paaccording t Most of theother Latin also have sBrazil, follounits most y We have esloaders for shown in thestimate onyears and twhich typicdepending We have cooutside of Blonger be innot perfect,reasonable Forecast: Tbegan in 20few signs ohold througSales will bpercent beland 2013, w Production years of slo2015 and 3followed byshort of theunits, a 34
AZIL 2015
T ASSOCIATES © 2
vo subsidiary ounding out ton in 2014.
nd Exports: ader market iot necessarilyy to import sochines, and sn the nation. Vt, as noted ea
he imported mart of companyto demand.
e companies pAmerican na
some exportswed by Caseyears historic
stimated the pBrazil to be a
he nearby tabn retail sales othe expected ally ranges fron the care aonsidered scrBrazil wherebn the country , we believe o
e,
The unfolding014 has contiof relief on thegh the rest of 2bottom out at 3ow the 2014 when sales to
will follow a sow growth. W3,800 units in y three years oe more vigoropercent decli
015 ALL RIGHTS R
SDLG is slathe producers
Imports, desn Brazil. The
y manufactureome of their oales of imporVolvo had bearlier, SDLG w
machines are y inventory an
producing mations. Gener. Caterpillar
e and JCB, bucally. Today,
population oabout 64,700 le. We base over the past life of the ma
rom 15 – 20 yand use of therappage as wby a machine
after years ofour estimates
g of the econonued through
e immediate h2015 and into3,800 units inlevel of dema
opped the 10,
similar trajectoWe anticipate t
2016. The neof increasing us 2012 - 201ne from the 2
RESERVED. ALL CO
ted to take ovs is Agco, pro
pite the high e companies te their comple
offerings. Mosrted machineseen the leadinwill take overalways sold wnd are sent o
achines in Brarally, the OEMhas been the
ut exports oveexports of ba
of backhoe units as our 15 – 20
achines, years e machines.
well as sales might no f use. While are
omy that h 2015 with horizon. Thuso 2016 followen 2016 and reand, but far be,000 mark for
ory, hitting a that there wilext year, prodslow growth.
13 period. By2014 productio
NTENTS CONFIDE
ver productionducing 250 u
tariffs, are anthat manufacete product linst companies s are includedng importer ber Volvo’s prodwithin any givut to distribut
azil also expoMs that have he consistent leerall have not ackhoes are q
s, we expect ted by four ye
ebound to 5,0elow the morr both years.
low point in 2l be only 4,30duction will se The gains, h
y 2019, produon level.
BACKHOE LOFIELD POPUL
MANUFACTUR
CASE (CNH)
NEW HOLLAN
CATERPILLAR
JCB
AGCO
RANDON
VOLVO
OTHERS
TOTAL FIELD POPULATION
SOURCE: YENG
NTIAL TO THE CLIE
n of Volvo bacnits for three
n important pacture machinenes there, thuin Brazil impo
d with sales oefore openingduction of bacven year, as thtion networks
rt them, usuahigh productioeading exportexceeded 10
quite small.
this downwarars of modes00 units by 20e robust year
2016 followed00 units produee a minor uphowever, will uction will rea
OADERS (2014)LATION BY OEM
RER POP
D (CNH)
(UNITS)
GST ASSOCIATES
ENT 13
ckhoe percent
art of the es in us making ort some
of units g a facility ckhoes. hey
ally to on totals ter from
00 – 150
rd trend to st growth. 019, 25 rs of 2012
by four uced in ptick, still fall ch 5,100
M FIELD
PULATION (%) 27%
14%
22%
19%
4%
9%
3%
2%
64,700
1
CT
14
CRAWLER DOTRATORES DE
OZERS E ESTEIRAS
Y
Our five-ye BACKHOE LOBRAZILIAN S
SALES PRODUCTIOSOURCE: YENG
Products AStandard mbe modifiedvariety of abackhoes cpowered bytwo-wheel oinformationbelow provproduced in
BACKHOE LO
MANUFACTUR
CASE (CNH)
NEW HOLLAN
CATERPILLAR
AGCO
JCB
JOHN DEERE RANDON VOLVO* SOURCE: COM2015 AND HACHINESE SUB
Sales and been dominof these co
0
2,000
4,000
6,000
ENGST ASSOCIATE
ar forecast fo
OADERS IN BRSALES AND PRO
2014
6,627 N 7,735 ST ASSOCIATES
Available: OEmodels have ad to allow diggttachments th
come equippey diesel enginor four-wheel of the equipmides basic spn Brazil.
OADERS MANU
RERS
ND (CNH)
R
MPANY INFORMATAS TRANSFERRED TBSIDIARY.
Trends: Thronated by threempanies man
4,300
2015
BACKHOE
ES © 2015 ALL RIG
or backhoe sa
AZIL ODUCTION FO
2015 20
4,300 3,84,300 3,8
EMs offer 24 a digging deptging depths uhat enhance ted with powernes that are T drive. Compment made avecifications o
UFACTURED IN
MODEL NO
580N580N TURB
B110B416F2420F2
MF86 HSMF96 HS
3C3C PLUS310L
RD 406/RD 406BL60B
TION *VOLVO STTHE PRODUCT LIN
oughout the 2e companies,nufactures the
3,800
2016
E LOADER SAL
CONSTRUCTI
GHTS RESERVED CO
ales and prod
ORECAST THRO
016 2017
800 4,100 800 4,100
different backth of around 1
up to 17 feet. the machine’sr shuttle type
Tier-2 or Tier-3pany websitesvailable by ea
of the major su
N BRAZIL
O.
O
CC
6ADV
TOPPED PRODUCINNE TO CHINA WHE
2000s, the cra, Caterpillar, Ne bulk of its p
4,100
2017
ES OUTLOOK
ION EQUIPMENT
ONTENTS CONFID
uction is prov
OUGH 2019
2018 2
4,500 5,4,600 5,
khoe loader m14 feet (4.3 m Backhoes cas versatility. Itransmission3 compliant. s for all supplach of the supuppliers’ back
ENGINE SUPPLIERS
CASECUMMINS CUMMINS
CATERPILLAR CATERPILLAR
MWM MWM JCBJCB
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